Over the last weekend, I got to read Profit First, the newest book from Mike Michalowicz. As I read, I thought of one client after another who could benefit from implementing Profit First in his or her business. In talking to business owners day in and day out about the challenges they face in their business, I hear a lot of the same challenges coming up over and over. Many of these challenges relate to managing finances in the business.
Here are the top 10 problems that Profit First can solve for you in your business:
- Laying awake at night worrying about cash flow
- Drowning in debt
- Feeling overworked, yet uncertain if you can afford to hire
- Difficulty meeting payroll as sales fluctuate, and questioning if you are overstaffed
- The emotional roller coaster that comes from the peaks and valleys in cash flow from month to month
- Putting everything you have back into the business. When does your business take care of you?
- Questioning if you should sell equipment to free up cash
- Not paying yourself enough and resenting your business for eating up all of your resources
- Going year after year without taking a vacation
- Getting hit with a huge tax bill after a good year and a significant increase in sales
If you find yourself laying awake at night worrying about any of these problems, pick up your copy of Profit First and start reading. The answers are there for you!
When should you start implementing Profit First? Now! It doesn’t matter how good or bad your current cash flow position is, you will benefit from Profit First. Profit First is all about implementing healthy cash management habits in your business. You start slowly.
Small steps, taken consistently in the right direction, lead to BIG change.